Spring wheat futures at the Minneapolis Grain Exchange ended mixed on Tuesday, with pricing influenced by a sell-off in Kansas City and Chicago, traders said.
New highs were posted Tuesday before the market ended 1-1/4 cents lower to 5-1/2 cents higher. The Minneapolis March wheat contract closed up 5-1/2 cents at $4.24-1/2, with a new high posted at $4.26.
The May ended down 1-1/4 cents at $4.28, after posting a new high at $4.35-1/2. Floor sources said ADM and Country Hedging were among the featured players.
Traders said pricing action was largely led by the outside wheat markets, though producer selling was a factor.
"We had good producer selling again like we have for quite a while," said one floor source.
Traders noted some intermarket spreading as well, particularly buying of MGE December wheat and selling KCBT December.
The early run to new highs was led by Kansas City Board of Trade wheat futures, traders said. KCBT wheat has been rallying on the poor crop conditions in the Plains where drought is cutting into production prospects.
Floor sources said liquidation of expiring March continued Tuesday though at a slower pace as open interest dwindled.
Deliveries posted Tuesday totalled 477 lots, with an ADM Investor Services customer as the largest stopper. The oldest date was February 3.
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